The new league year begins today at 4:00pm in the NFL, which means it’s time to play free agent frenzy once again, folks. One thing from the overnight…Jason LaCanfora is reporting the DE Justin Tuck will likely be back with the Giants…

Several people involved in that DE market expect Jared Allen to end up in Denver and Justin Tuck to return to NYG.

Entering today’s fray, the Giants will have approximately $24 million in salary cap space.

The club is set to part ways with C David Baas and his massive cap number. Baas is still rehabbing from a knee injury and is said to be “not physically ready” to play right now. The move only saves the club $1.775 million in cap space, but clears the way for the Giants to move forward with a free agent such as Green Bay’s Evan Dietrich-Smith or the Saints’ Brian De La Puente.

OL Chris Snee and P Steve Weatherford agreed to pay cuts. Snee’s salary will be reduced from $7.2 million to $1.1 million freeing up $5.1 million in cap room for the teams. The details of Weatherford’s deal are still unknown, but he was only expected to earn $2.2 million, so the savings are likely minimal in scale.

The Giants are close to re-signing CB Trumaine McBride and K Josh Brown. McBride’s deal is said to be for two years.

Additional players that have piqued the Giants’ interest in free agency are the Ravens’ DB Corey Graham and TE Ed Dickson and the Lions’ TE Brandon Pettigrew.

The Giants have previously inquired about Packers TE Andrew Quarless, Ravens’ DE Arthur Jones and Titans’ CB Alterraun Verner, who appears to be too expensive for the Giants to pursue.

The club showed some interest in bringing back S Ryan Mundy, but that interest will depend on whether Stevie Brown returns or not.